Industry News

Global Forum on Transparency and Exchange of Information for Tax Purposes Meets in Paris

On 25-26 October 2011, over 250 delegates from 84 jurisdictions and 9 international organisations and regional groups came together at the fourth meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) in Paris.

The Global Forum welcomed El Salvador, Mauritania, Morocco, and Trinidad and Tobago as new members, increasing the membership of the Global Forum to 105 jurisdictions.

The Global Forum adopted and published 13 peer review reports and 5 supplementary reports which are the latest results of its intensive peer review program. It also adopted a Progress Report which will be submitted to the G20 for its Summit in Cannes on 3-4 November. The Report discloses jurisdictions' quality of co-operation with the Forum, their level of compliance with the international standard on tax transparency, and highlights deficiencies in respect of the implementation of the standard. It shows unprecedented progress towards improving transparency and a high level of co-operation by Global Forum members. It also recognises that further progress needs to be made with action to be taken to address the recommendations made to the reviewed jurisdictions.

Responding to a call from the G20 Development Working Group, the Global Forum will serve as a platform to facilitate co-ordination of assistance to support the effectiveness of information exchange provided to its members, in particular to developing jurisdictions. It also adopted guidelines on the best way to conduct technical assistance. Two pilot projects – with Ghana and Kenya – will test the usefulness of the guidelines.

See attached for the main outcomes of the meeting, agreed by delegates.